Report on profit-sharing and labour co-partnership in the United Kingdom

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Monograph

Identifikator:: 1016336950

URN:: urn:nbn:de:zbw-retromon-27123

Document type:: Monograph

Title:: Report on profit-sharing and labour co-partnership in the United Kingdom

Place of publication:: London

Publisher:: His Majesty's Stationery Office

Year of publication:: 1912

Scope:: 1 Online-Ressource (160 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Profit sharing and co-partnership in private firms and companies

Collection:: Economics Books

50 II.—PRIVATE FIRMS AND COMPANIES. ployees of tlie new Company with the special object of enabling them to acquire an interest in its capital and a share in the con trol of its affairs. The title of this society,x registered under the Industrial and Provident Societies Act in April, 19Ud, is “ Fosters’ Employees, Limited ” ; and it is stated that most of the employees of Foster, Sons & Co., Limited, joined the Society on its formation. By the Articles of Association of the Company its directors are required to retain 1,000 of its (£1) shares for issue to the Em ployees’ Society. The disposable profits of the company, after providing for the creation and maintenance of a reserve fund, are to be divided in the following' manner: —The shares are, in the first place, to receive a dividend for each year at the rate of 5 per cent, per annum,* and the remaining profits are to be divided as follows : One-tentli is to go to the Employees’ Society for its Common Fund (see below), and four-tenths to the Employees’ Society to be applied for the purchase of shares in the Company and for the benefit of the employees: as to this four-tenths the Company is to declare how much is paid as a bonus on the wages or salary of each employee who is a member of the Employees’ Society, and how much is paid as a bonus on the wages or salaries of the non-members of that Society collectively, such amounts to be strictly in proportion to the respective wages and salaries paid. Finally, one-fourtli is to go to the manager or managers for the time being; and the remaining one-fourth is to be paid to the holders of the ordinary shares as a further dividend. So far as concerns the share to be taken by the employees in the management of the affairs of the Company, it is provided in the first place that the Employees’ Society shall be entitled to appoint one delegate for every 100 shares held by. it, to attend the general meetings, and to speak thereat, but one only of such delegates shall be its proxy to vote thereat; and, in the next place, that the employees shall be represented on the Board of Directors in the following manner: — The number of the Directors is to be not less than three nor more than five, and the first Directors are to be Mr. Thomas Foster and Mr. John Foster (the partners in the former firm of William Foster & Sons), and a third person appointed by them. So long as Messrs. Thomas and John Foster shall together hold one-half of the share capital of the Company for the time being issued and are willing to serve, they shall continue to be Directors. The Employees’ Society shall be entitled to appoint one of its members (whether himself a shareholder in the Company or not) a Director of the Company whenever it holds at least one-tenth of the share capital of the Company for the time being issued, and one more when it holds one-fifth. In the last case the total number of Directors shall be five. Subject to the provisions last stated, the Directors may appoint additional Directors, but so that the total number of Directors shall not exceed the maximum above specified. * Provision is made for the making-up of any deficiency on the dividend for the preceding year.

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